LDCM: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
LDCM
Largest movements
- Tangible fixed assets -€37,341
down €37,341 (-6.9%), from €539,739 to €502,398
of which Land and buildings: -€32,869
- Cash -€32,923
down €32,923 (-50.5%), from €65,192 to €32,269
mainly Net result for the year (-€45,544) and Debts after one year (-€39,667)
- Profit (loss) carried forward -€47,144
down €47,144 (-148.2%), from -€31,810 to -€78,954
- Debts after one year -€39,667
down €39,667 (-18.5%), from €213,935 to €174,268
- Accrued charges and deferred income -€9,124
down €9,124 (-100.0%), from €9,124 to €0
- Other debts +€7,688
up €7,688 (+2.9%), from €269,546 to €277,233
- Other operating charges +€50,293
up €50,293 (+622.0%), from €8,086 to €58,379
- Taxes +€11,610
up €11,610 (+7043.5%), from €165 to €11,775
- Gross operating margin +€8,608
up €8,608 (+10.2%), from €84,359 to €92,968
- Financial charges -€4,221
down €4,221 (-31.6%), from €13,360 to €9,138
- Depreciation -€2,695
down €2,695 (-4.3%), from €62,004 to €59,309
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €640,620 | €562,969 | -€77,650 | -12.1% |
| Fixed assets | 21/28 | €539,739 | €502,398 | -€37,341 | -6.9% |
| Tangible fixed assets | 22/27 | €539,739 | €502,398 | -€37,341 | -6.9% |
| Land and buildings | 22 | €519,312 | €486,443 | -€32,869 | -6.3% |
| Plant, machinery and equipment | 23 | €6,788 | €7,020 | +€233 | +3.4% |
| Furniture and vehicles | 24 | €11,967 | €7,262 | -€4,705 | -39.3% |
| Other tangible fixed assets | 26 | €1,672 | €1,672 | = | 0.0% |
| Current assets | 29/58 | €100,881 | €60,571 | -€40,310 | -40.0% |
| Amounts receivable within one year | 40/41 | €29,925 | €25,085 | -€4,839 | -16.2% |
| Trade receivables | 40 | €24,842 | €20,003 | -€4,839 | -19.5% |
| Other amounts receivable | 41 | €5,083 | €5,083 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €65,192 | €32,269 | -€32,923 | -50.5% |
| Deferred charges and accrued income | 490/1 | €5,764 | €3,217 | -€2,547 | -44.2% |
| Total equity and liabilities | 10/49 | €640,620 | €562,969 | -€77,650 | -12.1% |
| Equity | 10/15 | €99,080 | €53,536 | -€45,544 | -46.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,290 | €113,890 | +€1,600 | +1.4% |
| Distributable reserves | 133 | €112,290 | €113,890 | +€1,600 | +1.4% |
| Profit (loss) carried forward | 14 | -€31,810 | -€78,954 | -€47,144 | -148.2% |
| Amounts payable | 17/49 | €541,539 | €509,433 | -€32,106 | -5.9% |
| Amounts payable after more than one year | 17 | €213,935 | €174,268 | -€39,667 | -18.5% |
| Financial debts | 170/4 | €213,935 | €174,268 | -€39,667 | -18.5% |
| Amounts payable within one year | 42/48 | €318,480 | €335,165 | +€16,685 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €39,274 | €41,667 | +€2,393 | +6.1% |
| Trade debts | 44 | €2,897 | €4,066 | +€1,169 | +40.4% |
| Suppliers | 440/4 | €2,897 | €4,066 | +€1,169 | +40.4% |
| Taxes, remuneration and social security | 45 | €6,764 | €12,199 | +€5,435 | +80.3% |
| Taxes | 450/3 | €2,564 | €7,999 | +€5,435 | +211.9% |
| Remuneration and social security | 454/9 | €4,200 | €4,200 | = | 0.0% |
| Other amounts payable | 47/48 | €269,546 | €277,233 | +€7,688 | +2.9% |
| Accrued charges and deferred income | 492/3 | €9,124 | €0 | -€9,124 | -100.0% |
| Non-recurring operating income | 76A | - | €1,600 | +€1,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,004 | €59,309 | -€2,695 | -4.3% |
| Other operating charges | 640/8 | €8,086 | €58,379 | +€50,293 | +622.0% |
| Non-recurring operating charges | 66A | €108 | €0 | -€108 | -100.0% |
| Gross operating margin | 9900 | €84,359 | €92,968 | +€8,608 | +10.2% |
| Operating profit (loss) | 9901 | €14,161 | -€24,720 | -€38,881 | |
| Financial income | 75/76B | €15 | €90 | +€74 | +487.4% |
| Recurring financial income | 75 | €15 | €90 | +€74 | +487.4% |
| Financial charges | 65/66B | €13,360 | €9,138 | -€4,221 | -31.6% |
| Recurring financial charges | 65 | €13,360 | €9,138 | -€4,221 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €817 | -€33,769 | -€34,585 | |
| Income taxes | 67/77 | €165 | €11,775 | +€11,610 | +7043.5% |
| Profit (loss) for the period | 9904 | €652 | -€45,544 | -€46,196 | |
| Profit (loss) for the period to be appropriated | 9905 | €652 | -€45,544 | -€46,196 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.